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Comcast’s bid to buy Time Warner Cable has officially been defeated

Comcast-TWC Merger

After months of back-and-forth regarding the fate of the Comcast-TWC merger, regulators finally quashed the deal once and for all this week. Per Bloomberg, the announcement was expected to come as early as Friday morning, which it has in the form of two statements from Comcast and Time Warner Cable.

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Here is Comcast’s official statement regarding the defeated merger, shared by Re/code:

“Comcast Corporation announced this morning that its merger agreement with Time Warner Cable and its transactions agreement with Charter Communications, Inc. have been terminated. The following is a statement from Comcast Chairman and CEO Brian L. Roberts:

“Today, we move on. Of course, we would have liked to bring our great products to new cities, but we structured this deal so that if the government didn’t agree, we could walk away.

Comcast NBCUniversal is a unique company with strong momentum. Throughout this entire process, our employees have kept their eye on the ball and we have had fantastic operating results. I want to thank them and the employees of Time Warner Cable for their tireless efforts.

I couldn’t be more proud of this company and I am truly excited for what’s next.”

Time Warner Cable also released a statement on Friday morning:

“Time Warner Cable today announced that the company and Comcast Corporation have mutually agreed to terminate their merger agreement, and issued the following statement:

“We have always believed that Time Warner Cable is a one-of-a-kind asset,” said Chairman and Chief Executive Officer Robert D. Marcus. “We are strong and getting stronger. Throughout this process, we’ve been laser focused on executing our operating plan and investing in our plant, products and people to deliver great experiences to our customers. Through our strong operational execution and smart capital allocation, we are confident we will continue to create significant value for shareholders.

“I’m extremely proud of the professionalism, dedication and resiliency our 55,000 employees have shown over the past year and thank them for their continued commitment to Time Warner Cable.”

It’s been a long time coming, but the most controversial deal in the tech world has finally come to an unceremonious end.

Jacob Siegal is Associate Editor at BGR, having joined the news team in 2013. He has over a decade of professional writing and editing experience, and helps to lead our technology and entertainment product launch and movie release coverage.